Americas Primary Quarterly: Credit Spreads, Rates and Mixed Macro Messages

Americas Primary Quarterly: Credit Spreads, Rates and Mixed Macro Messages

Every quarter, our Americas Performing Credit Research team compiles a comprehensive primary report showcasing key highlights from the preceding quarter. Download the whitepaper. The unusual market conditions in the second quarter, discussed in more detail in the report, were not associated with any obvious across-the-board improvement in covenant quality. As deal volume picked up, the second quarter’s high-yield issuances included several sponsored LBO deals, which generally featured aggressive covenant packages. However, in a number of deals, investor pushback resulted in meaningful improvements in covenant protections for noteholders, potentially indicating a more hospitable climate for noteholders seeking to reduce risk through...

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H1 2023 Restructuring Wrap

H1 2023 Restructuring Wrap

During the first half of 2023, Reorg saw 23 debtors close restructurings, considerably more than the 14 that closed deals in H2’22 and 15 in H1’22. Restructuring activity has increased in 2023, but still falls short of 2020 levels, which saw 61 restructurings close across the year. Only 35% of restructurings closed consensually, out of court, in H1’23. This compares with 43% and 60% in H1’22 and H2’22 respectively. There appears to be a trend of debtors being more likely to pursue in-court restructurings, with a correlating increase in challenge - 22% of deals attracted a challenge in H1’23, compared...

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Azure Power must walk the talk on audit completion…

Azure Power must walk the talk on audit completion…

Azure Power Global Ltd. on July 26 filed an appeal with the New York Stock Exchange against the NYSE staff’s decision to delist its shares over an inordinate delay in filing of audited financial reports for fiscal year ended March 31, 2022, and thereafter with the U.S. Securities and Exchange Commission. The appeal may buy the company some time to prevent a potential event of default, or EoD, which can be triggered only post delisting, on its two public U.S. dollar bonds due to breach of information covenants.  The company has told bondholders that because of the appeal, EoD may not be triggered for...

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Compile critical fee information with Reorg’s Court Filings

Compile critical fee information with Reorg’s Court Filings

Actors across the advisory and investment banking communities utilize Reorg's Court Filings data as a resource to get an edge on business development research, build out comparison data across restructurings and more. “Filing Type” filters allow users to easily pull relevant documents such as Retention Applications, Final Fee Orders, DIP documents, etc., without having to dig through the mass of filings on a single docket.  These features in tandem with dynamic search functionality to hone in on any of the more specific filings. The top search bar enables full text search, while the Docket Caption box supports focued research on titles and...

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EMEA Primary Market Half-Yearly Wrap: Primary Market

EMEA Primary Market Half-Yearly Wrap: Primary Market

Register for the Primary Market Insights Webinar on July 26 to hear about our findings in further detail here. The European leveraged finance primary market recovered from its 2022 lows during the first half of this year. Term loan B amend-and-extend transactions, add-ons and refinancings formed the bulk of issuance and helped to push out maturities but resulted in higher interest costs and squeezed interest coverage ratios. The second half of this year is expected to see similar activity, with high levels of primary issuance and large investor appetite for the high yields on offer, but M&As will remain suppressed....

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Reorg Webinar: Thames Water: Sink or Swim?

Reorg Webinar: Thames Water: Sink or Swim?

Register Now here. Join Reorg on Friday, July 28, as we discuss the background to Thames Water’s recent troubles and discuss what may lie ahead for the company, its shareholders and creditors.  Panelists: Celine Buttanshaw, Legal DirectorWayne Jambawo, Credit AnalystConnor Lovell, Senior Legal Reporter Our expert team will provide: A brief summary of the U.K.’s water regulation framework and the relevant special administration regime;An overview of the events and financial performance leading up to the government’s announcement that contingency planning had begun;Market views on the group going forward. You can find recent coverage on Thames Water here. Please submit any...

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